For many years, people with an adverse credit history had little hope of remortgaging. Adverse or bad credit mortgages have typically attracted much higher rates of interest than standard remortgages. Due to the ever expanding financial market, lenders are finding that competition is fierce even in the field of bad credit mortgages and remortgages. This is because roughly one in four people have some type of adverse credit whether it's one or two missed credit card payments or because (at the more serious end of the scale) they may have a County Court Judgement against them.
There are now more options available to people with adverse credit who wish to remortgage. The fact remains that no matter which lender you approach, even if they specialise in bad credit remortgages, you will still be seen as a higher risk to the lender. That doesn't mean you won't be able to remortgage. It just means that you'll be subjected to higher interest rates and may not be able to take advantage of the types of introductory deals offered to other applicants.
Depending on the lender, you will still be subject to the usual processes that go with remortgaging. You can still expect your new lender to perform some kind of credit check or credit scoring system, although not all do this. You may find that you will probably not be able to remortgage for as high an amount as someone with a good credit history and that early redemption penalties on bad credit remortgages can be extremely high.
